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How to Be an Investment Banker
A top-notch resource for anyone who wants to break into the demanding world of investment banking
For undergraduates and MBA students, this book offers the perfect preparation for the demanding and rigorous investment banking recruitment process. It features an overview of investment banking and careers in the field, followed by chapters on the core accounting and finance skills that make up the necessary framework for success as a junior investment banker. The book then moves on to address the kind of specific technical interview and recruiting questions that students will encounter in the job search process, making this the ideal resource for anyone who wants to enter the field.
* The ideal test prep resource for undergraduates and MBA students trying to break into investment banking
* Based on author Andrew Gutmann's proprietary 24 to 30-hour course
* Features powerful learning tools, including sample interview questions and answers and online resources
For anyone who wants to break into investment banking, How to Be an Investment Banker is the perfect career-making guide.
eBook
How to Be an Investment Banker
A top-notch resource for anyone who wants to break into the demanding world of investment banking For undergraduates and MBA students, this book offers the perfect preparation for the demanding and rigorous investment banking recruitment process. It features an overview of investment banking and careers in the field, followed by chapters on the core accounting and finance skills that make up the necessary framework for success as a junior investment banker. The book then moves on to address the kind of specific technical interview and recruiting questions that students will encounter i
Book
Financial Modeling
This chapter focuses on Financial Modeling. Financial modeling is, along with valuation, one of the two core technical skills required of junior investment bankers. The core modeling skill required of investment bankers is to be able to create a forecast of a company's three financial statements: income statement, balance sheet, and cash flow statement. This type of model is known as an integrated cash flow model and is the subject of the chapter. Models are built by analysts or associates when advising on buy‐side and sell‐side M&A transactions, Leveraged Buyouts (LBOs), issuance of new equity or debt, and restructurings. In addition, financial modeling is a key skill for many other roles within corporate finance, including equity research, private equity, asset management, hedge funds, and corporate development. The purpose of the chapter is to introduce one to basic modeling skills so that one can begin to build one's own financial models and is able to intelligently talk about building models in an interview.
Book Chapter
Valuation
This chapter explores the concept of Valuation. A fair market value is defined as the price for which a motivated but not desperate buyer will pay for the assets from a motivated but not desperate seller in a competitive sales process. The importance of valuation is even more obvious on a buy‐side M&A transaction, in which an investment bank is advising the company or entity that wants to make an acquisition. The chapter provides an introduction to valuation, including a discussion of the crucial concept of enterprise value. It explains in detail the three primary valuation methodologies used by all investment bankers to value companies. These are the comparable company analysis, the precedent transaction analysis, and the discounted cash flow analysis. The chapter also discusses how financial professionals conclude the appropriate valuation range for a company or its stock based on the three methodologies and presents a brief discussion of several additional valuation methodologies that are sometimes employed.
Book Chapter
Leveraged Buyouts
This chapter focuses on Leveraged Buyouts. A leveraged buyout (LBO) is an acquisition of a company using a significant amount of debt to help fund the purchase. LBO transactions can be incredibly lucrative for the investment firms that execute LBO transactions and in today's world, the funds that invest in LBOs are considered to be a core asset class of institutional investors such as pension funds and endowments. Leveraged buyouts are also highly rewarding for the investment banks that advise on such transactions given the substantial fees involved in raising the funds necessary to complete the deal. The chapter provides an explanation of why using substantial amounts of debt can be an advantage when making acquisitions. It discusses the main players in an LBO transaction, namely, private equity firms, investment banks, and the types of companies that make good LBO targets. The chapter also provides a brief discussion of how the firms that execute LBOs think about and actually make their investment decisions.
Book Chapter
Finance Overview
This chapter provides an explanation of the basic principles of finance: time value of money, risk and reward, and discount rate. The financial system plays a vital role in the global economy. The purpose of the financial system is to efficiently and optimally allocate savings to investments; In other words, to distribute money to those who need money. It is that allocation of savings to investment which is what the study of finance is all about. The financial world can be divided into three groups: those who have extra money to invest (savers), those who need money for some purpose (borrowers), and the financial institutions that bring them together. The chapter explains how companies decide what to invest in and how to finance the investment. It concludes with a discussion on how to value financial instruments, including bonds, stocks, and options.
Book Chapter